Independent Financial Audit of Impact Fees

The audit shall be performed in accordance with applicable Generally Accepted Auditing Standards, the standards set forth for financial audits in the General Accounting Office's (GAO) Government Auditing Standards (1994) and the requirements of Texas Local Government Code § 395.059(c), including but not limited to:
A. Detailed Accounting and Verification:
• The total amount of funds collected by service area
• The amount of interest accumulated by service area
• Proposed capital improvements by service area not yet constructed
• The unspent balances of funds collected by service area
• Each impact fee collected and its allocation
• All waived fees, requested refunds, and fees refunded
• Review of credits applied and verification of accuracy
• Errors or omissions in the calculation of credits
B. Evaluation of fund segregation and compliance with statutory restrictions:
• Confirm segregation of impact fee funds from other revenues
• Evaluate land use assumptions (LUA) for compliance with authorized uses
• Verify adherence to adopted LUA, CIP, and Council-approved ordinances
C. Deliverables:
• A final written report suitable for public posting and Council adoption
• An executive summary in plain language for public presentation
• A slide presentation summarizing findings for the Capital Improvement Advisory Committee, as well as, the City Council’s public hearing
• Complete workpapers and reconciliation schedules for City records.